DIRS.INFO The most relevant business & tech news

☆ JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm
▼ + stars: | 2023-06-09 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

"This does remind me an awful lot of that March-to-June period in 2008," said Michele, rattling off the parallels. Last month, JPMorgan bought failed regional player First Republic; in March 2008, JPMorgan took over the investment bank Bear Stearns. Michele oversees more than $700 billion in assets for JPMorgan and is also global head of fixed income for the bank's asset management arm. The cycle coincides with the central bank's steps to rein in market liquidity through a process known as quantitative tightening. Brown | AFP | Getty Images"There are a lot of things that resonate with 2008" including overvalued real estate, he said.

Persons: Bob Michele, JPMorgan Chase, Michele, Jamie Dimon, Rick Rieder, Goldman Sachs, Jan Hatzius, Frederic J, Brown, Ribbing Organizations: & Commodities, JPMorgan, CNBC, First, Bear Stearns, Wall Street, Fed, AFP, Getty Locations: York, BlackRock, Downtown, Los Angeles , California, refinance

☆ Sabalenka powers into French Open fourth round, Khachanov survives
▼ + stars: | 2023-06-02 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +2 min

PARIS, June 2 (Reuters) - Aryna Sabalenka swatted aside Kamilla Rakhimova to remind her rivals of her French Open title credentials while Russian 11th seed Karen Khachanov also moved into the fourth round by stopping wildcard Thanasi Kokkinakis on Friday. Sabalenka, the big-serving world number two, beat Russian Rakhimova 6-2 6-2 on a sunbathed Court Philippe Chatrier to set up a clash with American Sloane Stephens or Yulia Putintseva of Kazakhstan in her quest for a second Grand Slam title. "So I have to do it with my legs, with the brain, and try to squeeze the maximum I can." Last year's semi-finalist Kasatkina will need to show her best form again in the next round where she can potentially meet former world number three Elina Svitolina. Novak Djokovic, who is seeking a 23rd Grand Slam title, is in action against Alejandro Davidovich Fokina while world number one Carlos Alcaraz will play Denis Shapovalov in the evening session.

Persons: Karen Khachanov, Kokkinakis, Sabalenka, Philippe Chatrier, Sloane Stephens, Yulia Putintseva, Khachanov, Jessica Pegula, Elise Mertens, Mertens, Daria Kasatkina, Peyton Stearns, Kasatkina, Elina Svitolina, Anna Blinkova, Anastasia Pavlyuchenkova, Anastasia Potapova, Novak Djokovic, Alejandro Davidovich Fokina, Carlos Alcaraz, Denis Shapovalov, Shrivathsa Sridhar, Pritha Sarkar Organizations: Kokkinakis, Thomson Locations: Kazakhstan, Paris

☆ Svitolina gets past Blinkova to stay on track at French Open
▼ + stars: | 2023-06-02 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +1 min

PARIS, June 2 (Reuters) - Former French Open quarter-finalist Elina Svitolina moved into the Roland Garros fourth round with a determined performance to stave off giant-killing Russian Anna Blinkova and claim a 2-6 6-2 7-5 victory on Friday. Svitolina returned to the WTA Tour at the Charleston Open in April following the birth of her daughter Skai with husband and fellow tennis player Gael Monfils and bagged her first title in two years by beating Blinkova in last week's Strasbourg final. Blinkova had stunned fifth seed Caroline Garcia in the last round and the 24-year-old refused to surrender as she clawed her way back from 1-3 and went toe-to-toe with Svitolina until 5-5 before the Ukrainian sealed the win with a superb backhand pass. Up next for Svitolina is another Russian - last year's semi-finalist Daria Kasatkina - who beat Peyton Stearns. Reporting by Shrivathsa Sridhar in Paris Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Persons: Elina Svitolina, Roland Garros, Russian Anna Blinkova, Svitolina, Skai, Gael Monfils, Blinkova, Caroline Garcia, Daria Kasatkina, Peyton Stearns, Shrivathsa Sridhar, Christian Radnedge Organizations: WTA, Charleston, Strasbourg, Thomson Locations: Russian, Paris

☆ Tsitsipas, Alcaraz soar at French Open, Djokovic row simmers
▼ + stars: | 2023-05-31 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +5 min

Unlike after his opening match on Monday, however, there was no message on the camera lens the Serbian signed and the 22-times Grand Slam champion looked to draw a line under the issue. Djokovic missed last year's Australian Open and was deported from the country due to being unvaccinated for COVID. He won the Melbourne title this year despite a row that erupted after his father posed with some fans holding Russian flags. "A drama-free Grand Slam, I don't think it can happen for me," Djokovic added. Anna Blinkova dashed French hopes with a stunning 4-6 6-3 7-5 victory over fifth seed Caroline Garcia, wrapping up victory on her ninth match point.

Persons: Roland Garros, Stefanos Tsitsipas, Spain's Roberto Carballes Baena, Benoit Tessier, Alcaraz, Djokovic, Garcia, Tsitsipas, Carlos Alcaraz, Novak Djokovic, Jiri Vesely, Roberto Carballes Baena, Japan's Taro Daniel, Denis Shapovalov, Ismet Krasniqi, Amelie Oudea, Castera, Elina Svitolina, Australian Storm Hunter, Svitolina, Sabalenka, Iryna Shymanovich, Marta Kostyuk, I've, Jelena Ostapenko, Peyton Stearns, Barbora, Lesia Tsurenko, Swiatek, Suzanne Lenglen, Jessica Pegula, Camila Giorgi, Anna Blinkova, Caroline Garcia, Kokkinakis, Stan Wawrinka, Andrey Rublev, Corentin, Shrivathsa Sridhar, Toby Davis, Ed Osmond Organizations: Spain's Roberto Carballes Baena REUTERS, Tennis Federation, Serbian, Marton, COVID, Melbourne, Kosovo Olympic, International Olympic Committee, Kosovo's Olympic, International Tennis Federation, Australian Storm, Thomson Locations: Paris, France, Kosovo, PARIS, Serbia, Marton Fucsovics, Serbian, Ukrainian, Ukraine

☆ Factbox: The JPMorgan executives who will update investors on First Republic, strategy
▼ + stars: | 2023-05-22 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

REUTERS/Marco... Read moreNEW YORK, May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) executives will update investors on its takeover of failed First Republic Bank, which has made the biggest U.S. bank even bigger. CEO Jamie Dimon and other top executives will present their strategies at an investor day at its headquarters in New York on Monday. Lake and Piepszak are among the executives in charge of integrating First Republic Bank after it was shuttered by authorities on May 1. JEREMY BARNUM, CHIEF FINANCIAL OFFICERBarnum was promoted to CFO in 2021 after leading global research. The finance chief joined JPMorgan in 1994, serving in various roles including CFO and chief of staff for the investment bank.

☆ NBCUniversal’s New Leader, a Hollywood Outsider, Steps Into the Spotlight
▼ + stars: | 2023-05-22 | by ( Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Jeff Shell, who oversaw the media company before him, was fired after an investigation into sexual harassment. Linda Yaccarino, who ran the company’s multibillion-dollar ad business, left abruptly this month to become the chief executive of Twitter. NBCUniversal is losing billions on its streaming service, Peacock, while viewership of its traditional TV networks continues to fade. In 2008, when the U.S. financial system was on the brink of failure, Mr. Cavanagh was a senior executive at JPMorgan Chase, one of the few major banks that was not at risk of collapse. He spent time alongside Jamie Dimon, JPMorgan’s chief executive, and other executives during all-nighters to work out the details of acquiring Bear Stearns, a rival on the verge of bankruptcy.

☆ JPMorgan investors to scrutinize First Republic takeover
▼ + stars: | 2023-05-19 | by ( Nupur Anand | ) www.reuters.com time to read: +4 min

Analysts will seek more details about the deal and JPMorgan's plans to integrate First Republic's business into the largest U.S. bank. FIRST REPUBLICJPMorgan has agreed to undertake $173 billion of the failed bank's loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered down by authorities. Dimon had said that he expects blowback from the FRC deal earlier this month in an interview on Bloomberg TV. loadingAn acquisition of this scale will raise question on integration, execution risks, employee retention among others, analysts believe. JPMorgan has made 19 acquisitions since 2020 but the last major purchase of this scale by the lender was in 2008 of Bear Stearns.

☆ Markets next week may keep thinking about what could go right
▼ + stars: | 2023-05-19 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

At least that's the thinking of a small but growing chorus of voices on Wall Street who outline the case for further stock market gains after both the S & P 500 and Nasdaq Composite touched nine-month highs this past week. The VIX was trading around 16-17 late this week, signaling no great fear among professional traders. Walmart and other retailers this week highlighted consumers are spending less freely, but they're still spending , and that drives two thirds of the economy. Even Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote late this week that he has to entertain what could go right in markets, despite the fact his own view is fundamentally bearish. If that "upside scenario" happens, UBS sees global stocks moving 13% higher by the end of December, and the S & P 500 surging another 6% — to north of 4,400.

☆ Default isn't necessary to trigger US debt downgrade, says Guggenheim's Schwartz
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDefault isn't necessary to trigger US debt downgrade, says Guggenheim's SchwartzAlan Schwartz, Guggenheim Partners executive chairman and former Bear Stearns CEO, joins 'Squawk on the Street' to discuss the nation's current debt limit debate, if IPOs can get a 'window' this summer and much more.

☆ The Brutal Past and Uncertain Future of Native Adoptions
▼ + stars: | 2023-05-16 | by ( Gabrielle Glaser | ) www.nytimes.com time to read: +2 min

“This law has helped us return home,” said Ms. White Hawk, who is also the author of “A Child of the Indian Race,” a memoir. “It has helped us to reclaim our spiritual wealth as Indian people.”For Mr. Stearns, the road to connect with his Navajo self was long and uneven. “His long hair made my mom suspicious,” Mr. Stearns said. Mr. Stearns said that his parents, who are both dead, never hid his adoption, and were proud that he was Navajo. “They were in it to show the love they had to a kid.” But Mr. Stearns could never breach a more personal chasm.

☆ Why the US needs regional banks
▼ + stars: | 2023-05-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But those mega-banks lack the dexterity and regional specialization that small businesses crave, which is partly why Corporate America and policy makers alike are worried about the continued turmoil among regional banks. In just two months, a spark of panic has turned into a conflagration that has put America’s regional banks on notice. All of those banks share a status in common as a “regional” or “sector-specific” lender. By definition, regional banks are more specialized and focused. Without raising the cap, Hockett argues, we risk letting the Wall Street banks gobble up their smaller competition when those regional lenders fail.

☆ The Week in Business: The 10th Straight Rate Increase
▼ + stars: | 2023-05-07 | by ( Marie Solis | ) www.nytimes.com time to read: +4 min

It was the third consecutive increase of that size and the 10th straight rate increase since last March. This encroaching deadline presents a tricky political problem for Mr. Biden. Republicans are trying to extract concessions from Mr. Biden that would significantly undermine his agenda. He could negotiate spending cuts but divorce those discussions from the debt limit. There is one other possible option: a constitutional challenge to the debt limit, a long-shot plan that would rely on a clause in the 14th Amendment.

☆ Talk of banning short sales is suddenly in the air, but history argues against it
▼ + stars: | 2023-05-05 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

It's just a hop, skip and a jump away from the obvious conclusion: ban short sellers! There are already rules to prevent violation of short selling rules Fortunately, the SEC has not (at least yet) jumped on this bandwagon. Gensler, however, has made it clear he is looking out for bad actors who may be violating existing laws on short selling. For example, there are rules that prohibit naked short selling , the practice of short selling shares that haven't first been borrowed. When short selling is banned, traders who want to buy stock but need to hedge their risk will be hesitant to do so."

☆ JPMorgan could be the banking sector’s biggest hero — or biggest risk
▼ + stars: | 2023-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

And as the bank swells in size, so does the potential risk it poses to the nation’s financial system. Some experts say they’re concerned that JPMorgan’s continued intervention during times of crisis has broader implications for the banking sector, the US financial system and its regulation. And with every failed bank that JPMorgan snaps up, the conundrum becomes clearer: JPMorgan is essentially the biggest risk to the financial system — and every time it expands to uphold the sector’s stability, so does its risk to the financial system. It has “that ability once again, to signal to the world that JPMorgan is a fortress, JPMorgan is the ultimate. But recent failures and the missteps that led to them indicate that deep flaws underline the financial system.

May 1 (Reuters) - Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. Shares of JPMorgan rose 2% on Monday, while those of mid-tier banks fell and the KBW Regional Banking Index (.KRX) closed down 2.7%. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

☆ How JPMorgan Became Banking’s Regular Rescuer
▼ + stars: | 2023-05-02 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

It was well before dawn on Monday when federal regulators notified JPMorgan Chase executives that they had beaten out three smaller rivals in their bid to buy the doomed First Republic Bank. By the time the sun rose, JPMorgan’s longtime chief executive, Jamie Dimon, was once again illuminated as the industry’s savior — and the architect of yet another government-brokered deal to help his gargantuan institution grow even larger. First Republic was the third institution that Mr. Dimon had agreed to buy in a federally backed transaction, following its takeovers of Bear Stearns and Washington Mutual during the 2008 financial crisis. All three deals have helped defuse panics, but they have also benefited JPMorgan, which, with $2.6 trillion in assets and 14 percent of all deposits in the United States, enjoys unparalleled reach inside the world’s largest economy. JPMorgan’s agreement to buy First Republic is expected to boost the bank’s profits by $500 million this year and will give it access to a stable of wealthy clients.

Shares of JPMorgan and some of the other the largest U.S. banks rose on Monday, while those of mid-tier banks fell. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. JPMorgan also entered into a loss-share agreement with the FDIC on single family, residential and commercial loans it bought, but will not take First Republic Bank's corporate debt or preferred stock. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

First Republic was one of the major casualties of the banking crisis triggered in March, when depositors fled en masse from some U.S. lenders to institutions such as JPMorgan that they thought were safer. [1/2] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. JPMorgan said it expected to achieve a one-time, post-tax gain of about $2.6 billion after the deal. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

☆ 2 JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +6 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. low single digits), strategically consistent (US wealth expansion), and system friendly - FDIC loss of only $13B (<est. "First, as with the GFC (Global Financial Crisis,) this once again shows the value of a fortress balance sheet. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +4 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. The collapse marks the third major U.S. lender to fail in less than two months, after a week of panic which saw First Republic lose 75% of its market value as its future turned murkier. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. "This development will most likely not prevent the Fed from raising U.S. interest rates this week as largely expected. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ Don't let the patriotic talk fool you. Here are 5 ways JPMorgan stands to win from buying First Republic Bank.
▼ + stars: | 2023-05-01 | by ( Emmalyse Brownstein | Carter Johnson | ) www.businessinsider.com time to read: +8 min

JPMorgan on Monday morning emerged as the white-knight buyer of First Republic Bank. More wealth advisors for high-net-worth clientsJPMorgan's wealth management ambitions will also get a boost from its purchase of First Republic. The smaller bank has about 150 high-end advisors who will join JPMorgan's brokerage business unit, JPMorgan Advisors. "If they can retain the wealth advisors and not lose too many more, I think it will be very advantageous. "This helps bring the bank crisis phase to the home stretch in our view," wrote Wells Fargo's Mayo.

☆ Jamie Dimon bails out First Republic – and FDIC
▼ + stars: | 2023-05-01 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

In the wee hours of Monday morning, however, he agreed to take mid-sized First Republic Bank (FRC.N) out of receivership from the Federal Deposit Insurance Corp. The bank acquires nearly $229 billion of assets and absorbs some $173 billion in loans at a roughly 13% discount to book values. After taxes and paying the FDIC $10.6 billion, JPMorgan should get a $2.6 billion boost before integration costs. The agency will share losses of up to 80% on the large majority of First Republic’s loan book. There’s also a $50 billion loan from the FDIC at specific terms that have not been disclosed so far.

Lawmakers and regulators have spent years erecting laws and rules meant to limit the power and size of the largest U.S. banks. But those efforts were cast aside in a frantic late-night effort by government officials to contain a banking crisis by seizing and selling First Republic Bank to the country’s biggest bank, JPMorgan Chase. The F.D.I.C.’s decision appears, for now, to have quelled nearly two months of simmering turmoil in the banking sector that followed the sudden collapse of Silicon Valley Bank and Signature Bank in early March. “This part of the crisis is over,” Jamie Dimon, JPMorgan’s chief executive, told analysts on Monday in a conference call to discuss the acquisition. For Mr. Dimon, it was a reprise of his role in the 2008 financial crisis when JPMorgan acquired Bear Stearns and Washington Mutual at the behest of federal regulators.

☆ What’s next for troubled First Republic Bank
▼ + stars: | 2023-04-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —First Republic Bank is still an independent bank. The FDIC had already done so with two other similar sized banks just last month — Silicon Valley Bank and Signature Bank — when runs on those banks by their customers left the lenders unable to cover customers’ demands for withdrawals. Nervous major depositorsThe financial report showed depositors had withdrawn about 41% of their money from the bank during the first quarter. In its earnings statement, the bank said insured deposits declined moderately during the quarter and have remained stable from the end of last month through April 21. So when customers lose confidence in a bank and rush to withdrawal their money, what is known as a “run on the bank,” it can cause even an otherwise profitable bank to fail.

☆ JPMorgan bankers met with Epstein after his accounts were closed - WSJ
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +3 min

Bank employees also met with Epstein after his accounts were closed to discuss other clients and introductions he could make to potential clients, the newspaper said, citing people familiar with the meetings. The interaction with Epstein was typical for a client of the private bank, a JPMorgan spokesman said after the article was published. JPMorgan is being sued in Manhattan federal court by women who said Epstein sexually abused them, and by the government of the U.S. Virgin Islands, where Epstein owned a private island. JPMorgan did business with Epstein as early as 1998, and managed about 55 Epstein-related accounts worth hundreds of millions of dollars. Epstein was a client for about five years after he pleaded guilty in 2008 to a Florida state prostitution charge.

Search resuls for: "Stearns"

25 mentions found